Companies · UPWK
Upwork Inc.
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Latest analysis
Updated Nov 2, 2026
Upwork Q3 2026: GSV $914M, Revenue $186M Beat; Lifted Acquisition Signals Enterprise Pivot
Upwork delivered Q3 2026 revenue of $186 million and GSV of $914 million, both above guidance, driven by continued migration to higher-value work and enterprise customer concentration. The company announced the acquisition of WorkMotion, a global employer-of-record provider, to accelerate Lifted's international expansion and direct employment offerings. AI-skilled talent GSV surged 55% to $112 million, while Business Plus revenue grew 120% year-over-year and now represents 8% of total GSV. The MCP server, launched in August, already generated a $3 million annual revenue run rate, signaling new demand channels emerging from AI tool integration. Management raised full-year 2026 Adjusted EBITDA guidance to $236–$240 million (32% margin at midpoint) despite marketplace headwinds from low-value work rotation and digital search disruption.
Tone: bullishRevenue
$787.8M
UPWK 10-K · FY 2025
Employees
630
Revenue FY2024
$769.3M
Headquarters
Palo Alto, CA
Profile
UPWK 10-K Item 1 · Feb 13, 2026Upwork Inc. operates an online work marketplace and enterprise contingent workforce platform, connecting businesses with independent talent across more than 10,000 skills and 130 categories globally. The company generates revenue through talent and client fees on the Upwork Marketplace and through enterprise subscription and managed services delivered via Lifted, its wholly owned enterprise subsidiary. Customers in over 180 countries transacted $4.0 billion in gross services volume on its platforms in 2025.
Read filing description ↓ Collapse description ↑
Upwork Inc., through its complementary, wholly owned subsidiaries, connects businesses with global, AI-enabled talent across every on-demand work type, including freelance, agency, fractional, and payrolled. Our portfolio of platforms and other workforce solutions includes the Upwork Marketplace, the world's human and AI-powered work marketplace that connects businesses with on-demand access to highly skilled independent talent worldwide, and Lifted, our wholly owned subsidiary that provides a purpose-built solution for enterprise organizations to source, contract, manage, and pay talent across the full spectrum of contingent work. Our customers consist of both talent and clients. Talent includes independent professionals and agencies of varying sizes, while clients range from small businesses and entrepreneurs to large enterprises, including Fortune 100 companies. We measure economic activity across our portfolio of platforms and other workforce solutions using Gross Services Volume, which we refer to as GSV. With customers in over 180 countries, our platforms and other workforce solutions enabled $4.0 billion of GSV for the year ended December 31, 2025. For clients, our platforms and other workforce solutions provide fast, secure, and efficient access to AI-augmented solutions and high-quality talent across more than 10,000 skills in over 130 categories of work, including AI-related projects, web, mobile and software development, administrative support, sales and marketing, design and creative, and customer service. Revenue is primarily derived through the Upwork Marketplace, which charges fees to talent as a percentage of their billings to clients, and fees to clients as a percentage of payment to talent.
Primary products
- Upwork Marketplace
- Lifted
- Upwork Payroll
- Enterprise Solutions
- Managed Services
- Uma (AI assistant)
Business segments
End markets
Geographies
“We believe that we compete favorably with respect to these factors and are committed to making continued investments in our business to ensure our long-term success.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $769.3 million in 2024 to $787.8 million in 2025, driven by Marketplace take rate expansion from 18.0% to 18.7% and a 3% increase in Marketplace revenue, partially offset by a 2% decline in Enterprise revenue.
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